The Real Deal has an interesting article out today on the state of the Williamsburg condo market. Some prime takeaways:
[Michael Brooks of the Developers Group] said deals are being made at $650 per square foot, which [Christine] Blackburn [of PDE] agreed seems to be Williamsburg buyers’ sweetspot [sic] for non-waterfront apartments.
OK, so that’s the market upland – what are condos on the waterfront selling for in this down market? A lot more:
Northside Piers’ average listing price jumped from $785 to $875 per square foot, now that nearly all of its discounted apartments have been snapped up, versus the Edge’s $926 per square foot.
These numbers are averages for the complexes. Truly prime units are asking over $1,110 a square foot. All in all, these numbers are pretty strong, and the brokers the Real Deal spoke to are saying that sales are on the upswing.
Something to keep in mind when folks tell you certain numbers are out of date.